Education Loan Program Law and Legal Definition

Education loan program is a program for making education loans from money provided by the authority instituted by any one or more participating institution or institutions for higher education.[ O.C.G.A. § 20-3-201]

The following are few examples of education loan programs:

Federal Direct Loan Program (FLDP): This program provides low-interest loans to students and parents to help them pay for the cost of a student's education after high school. FLDP lender is the U.S. Department of Education. In the U.S., FLDP is the sole government backed loan program.

Federal Family Education Loan (FFEL) Program: This is the second largest of the U.S. higher education loan programs. In the FFEL program, private lenders make federally guaranteed student loans to parents and students. Private lenders giving loans to students under the FFELP receives subsidies from the federal government.